New York-based music technology and financial services company Duetti has secured $200 million in new funding, consisting of a $50 million Series C equity round led by Raine Partners, a $125 million private securitization and a $25 million expansion of an existing credit facility.
In a news release issued Wednesday, Duetti said the funding will be used to expand its platform and accelerate music catalog acquisitions, with a focus on helping independent artists unlock the long-term value of their rights.
“The traditional music industry and the financially driven catalog buyout funds are not able to keep pace and adapt their infrastructure to the explosive growth of the independent music sector. This new funding allows us to continue building proprietary databases and systems to identify, predict and effectively manage and support music catalogs of independent creators, the fastest growing and most exciting segment of the industry,” Lior Tibon, CEO of Duetti, said in a statement.
Duetti reports completing more than 80 deals per month following its expansion into music publishing rights. While the company operates primarily from multiple hubs across the United States, it said more than 30 percent of its deals last year originated from international markets, including the United Kingdom, France and Germany.
